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. 1996 Index
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Turkmenistan Economy 1996
Turkmenistan is largely desert country with nomadic cattle raising,
intensive agriculture in irrigated oases, and huge gas and oil resources.
Half its irrigated land is planted in cotton making it the world's tenth
largest producer. It also has the world's fifth largest reserves of natural
gas and significant oil resources. Until the end of 1993, Turkmenistan had
experienced less economic disruption than other former Soviet states because
its economy received a boost from higher prices for oil and gas and a sharp
increase in hard currency earnings. In 1994, Russia's refusal to export
Turkmen gas to hard currency markets and mounting debts of its major
customers in the former USSR for gas deliveries contributed to a sharp fall
in industrial production and caused the budget to shift from a surplus to a
slight deficit. Furthermore, with an authoritarian ex-Communist regime in
power and a tribally-based social structure, Turkmenistan has taken a
cautious approach to economic reform, hoping to use gas and cotton sales to
sustain its inefficient economy. With the onset of economic hard times, even
cautious moves toward economic restructuring and privatization have slowed
down. For 1995, Turkmenistan will face continuing constraints on its
earnings because of its customers' inability to pay for their gas and a low
average cotton crop in 1994. Turkmenistan is working hard to open new gas
export channels through Iran and Turkey, but these may take many years to
realize.
GDP - purchasing power parity - $13.1 billion (1994 estimate as extrapolated
from World Bank estimate for 1992)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$NA, including capital expenditures of $NA
$382 million to states outside the FSU (1994)
natural gas, cotton, petroleum products, electricity, textiles, carpets
Ukraine, Russia, Kazakhstan, Uzbekistan, Georgia, Azerbaijan, Armenia,
Eastern Europe, Turkey, Argentina
$304 million from states outside the FSU (1994)
machinery and parts, grain and food, plastics and rubber, consumer durables,
textiles
Russia, Azerbaijan, Uzbekistan, Kazakhstan, Turkey
natural gas, oil, petroleum products, textiles, food processing
cotton, grain, animal husbandry
illicit cultivator of cannabis and opium poppy; mostly for CIS consumption;
limited government eradication program; used as transshipment point for
illicit drugs from Southwest Asia to Western Europe
Turkmenistan has received about $200 million in bilateral aid credits
Turkmenistan introduced its national currency, the manat, on 1 November 1993
manats per US$1 - multiple rate system: 10 (official) and 230 (permitted in
transactions between the government and individuals)
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